Build Credit after F&F???

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Post by naygirl911 » Wed Jun 24, 2020 5:49 am

My Full & Final offer was accepted in March 2020, but my IVA's 6 year duration does not end until July 2022.

Is it possible for me to begin building my credit score now? or wait until July 2022?

I know the points won't increase whilst i'm still on IVA's register, but was hoping (if possible) to work on my credit score now so that the score would jump up after the end of 6 years. Is it doable?


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Post by Foggy » Wed Jun 24, 2020 7:57 am
You can start to build a history of 'good financial behavior', first mking sure that your credit files are as healthy as they can be and that defaults are correctly registered and dated, so they drop off at the end of the 6 years too. Have a read here: ... dit-record
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


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Post by liz.m.hill » Fri Jan 29, 2021 8:48 am
As has already been mentioned, your IVA won't disappear from your file (and therefore will still be visible to CRA's and potential lenders) for at least another year. The fact that you have an IVA on file though shouldn't mean you do anything differently to what you would normally do to try and build a solid credit history. This can include keeping your credit utilisation ratio below 30% (keep the amount you're borrowing as little as you can), paying your bills on time, keeping up with loan or credit card repayments or even something as niche as trying out some of the new credit building apps that are on the market (Portify, Bits etc). These allow you to pay for a subscription, and your monthly payments will be reported to the CRA's as a means of improving your overall credit score. There's lots of ways you can build your score - sure - it will be slower until your IVA disappears but it's still worth doing!
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